The Essel Group-backed Indian Cricket League announced a prize money corpus of Rs 12.33 crore for its upcoming 'Edelweiss 20s Challenge' to be held at Panchkula, Gurgaon and Hyderabad.

The team finishing third would be richer by Rs 50 lakh, Executive Board Member of the ICL Kiran More said.

The financial incentive for every win at the league stage will be Rs 25 lakh, resulting in a total prize money of Rs seven crore at the league stage.

Individual performances will also be handsomely rewarded during the 34 matches with an impressive Rs 2 lakh for Man of the Match and Rs 40 lakh for the Man of the Series, More said.

Executive Board Member Tony Greig said it was fulfilling to see the ICL making rapid strikes in terms of growing bigger and better in only its first year of operations.

Multiple venues, additional teams, an improved player base and to top it all, a very impressive prize money to be won, should make the tournament an enthralling experience for both players and cricket fans, the former England captain added.